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Dubai: The Dubai Financial Services Authority (DFSA) licensed Gulf Reinsurance Ltd (Gulf Re) as an authorised firm on May 28, to be established in the Dubai International Financial Centre (DIFC)
Gulf Re is a new specialist reinsurer equally-owned by Gulf Investment Corporation (GIC) and Arch Capital Group Ltd (Arch Capital).
GIC and Arch Capital have subscribed to a total of $400 million of capital.
The initial paid-up capital of Gulf Re is $200 million, with an additional $200 million to be funded depending on the business needs of the company. The joint venture was announced on March 17, at the World Insurance Forum held at the DIFC.
"We are delighted to secure the licence in such a short period. The DFSA licensing process was thorough and demanding, but highly efficient. The DFSA worked closely with Gulf Re management to achieve this milestone in about two months," said Gail Nor-strom, Gulf Re chief executive. "We are grateful to Clyde & Co, our professional advisers, for their valuable assistance in this application. We look forward to writing our first reinsurance business in a matter of days."
Gulf Re will initially target high-value oil and gas, industrial, utility and transportation assets primarily in the six member states of the Gulf Cooperation Council.
The company will write a broad range of property and casualty lines of reinsurance, including aviation, energy, commercial transportation, marine, engineered risks and property, on both a treaty and facultative basis.
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